HSBC Everyday Savings
Earn a competitive 0.3% p.a. for the first 3 months after opening this savings account.
The HSBC Everyday Savings offers a competitive bonus interest rate of 0.3% p.a. on your savings for the first 3 months after opening the account when you make no withdrawals. After this, you'll continue to be rewarded with interest on your balance each month you make no withdrawals.
Maximum variable rate
Base interest rate
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.
The bonus rate of 0.3% is offered for the first 3 months when you make no withdrawals. There are no deposit conditions to meet to get this high rate. However, once the intro period is up your money will earn the low standard variable rate of 0.15%. However, if you link this account to a HSBC Everyday Global account and deposit $2,000 a month you'll earn 0.4% bonus interest on top of this standard rate.
This account could be ideal if you’re looking for a place to park your savings for a few months while earning a high interest rate, particularly if you've got a large balance. You’ll get the bonus rate on balances up to $1,000,000 which is very rare for such a competitive rate.
Once the introductory period is over, you could consider switching your balance to the HSBC Bonus Savings . This account pays a lower (but still decent) bonus rate of 0.25% every month that you grow your balance by $300, and you’re able to make withdrawals whenever you need to so it’s a bit more flexible.
$0 Monthly account fees
You are charged $0 monthly maintenance fees for using your Everyday Savings savings account.
Introductory bonus interest rate of up to 0.3% p.a. on the first 3 months on your first HSBC Everyday Savings
For the first 3 months after you open your savings account, you'll receive the maximum variable rate of 0.3% p.a. To be eligible for this special rate, you can't make any withdrawals from the account (this includes transferring money to another HSBC account in your name). Once the introductory period ends, the interest rate goes back to the standard 0.15% p.a.
Earn 0.4% bonus interest on top of the standard interest rate of 0.15% p.a. when you meet the account conditions
After the four month introductory period, the base interest rate of 0.15% p.a. will be applied to your account monthly so long as you make no withdrawals from your account between 28th of the month to the 27th of the next month. If you make any money transfers out of your account, there will be no interest applied for that month. Interest is available on balances up to $1 million.
However, if you link this account to a HSBC Everyday Global account and deposit $2,000 a month you'll earn 0.4% bonus interest on top of this standard rate.
Access your account online
The HSBC Everyday Savings is an online account that can be accessed from anywhere at any time by using Internet banking, phone banking or the mobile app. If you link the HSBC Everyday Savings to a HSBC Day to Day Account, the transfers are instant. But remember, if you transfer money from the Everyday Savings to the Day to Day account you won't earn any interest that month.
$0 transaction fees
You are not charged by HSBC for transferring money in or out of your savings account.
No deposit requirement
There is no minimum monthly deposit required in order to receive interest on your balance.
Interest is calculated daily and paid monthly only on balances of up to $1,000,000 It is a variable interest rate, so will most likely move alongside the RBA cash rate.
There is no minimum requirement for your opening deposit.
No minimum balance
You are not required to maintain a minimum balance on this account.
You'll automatically receive a statement every 6 months – you can request to change to monthly or quarterly, or even switch to online statements.
How to apply
If you have decided that this is the ideal way for you to reach your savings goal, click 'go to site' to be taken to a secure application page.
Before doing so, check that you are able to meet the following eligibility requirements:
- Age requirement. You must be at least 18 years of age in order to be considered for this account.
- Residency requirement. Only Australian residents or citizens with a valid Australian residential address may open an Everyday Savings account from HSBC.
- Account purpose. This account is meant for personal use only. If you are representing a trust, company or business you can contact HSBC for information regarding accounts intended for business purposes.
If you determine that you can meet these conditions you can gather the following documentation that will be needed to help complete the form and continue to the application:
- Identification documentation. A valid driver's licence, passport, birth certificate or Medicare card is needed in order for HSBC to verify your identity. If HSBC is unable to verify your identity electronically you will be asked to do so in person.
- Account details. You will need to provide information about your transaction account, including its number, so that you can be prepared for transferring funds between accounts.
- Personal information. Your full name, date of birth and physical address will all be required while filling out the application.
What happens after I submit my application?
Filling out the online application should take approximately five minutes. Once complete it will be submitted to HSBC who will contact you within two business days. At that time they will provide you with the details of your account so that you may begin making your savings deposits.
What if I'm not eligible to apply online?
If you're moving to Australia or currently a non-resident, you can apply for this account through HSBC migrant services. If none of the above situations apply to you, it's best to visit a local HSBC branch.